عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi-Thai Investment Forum Reveals Opening of Thailand BOI Office in Riyadh

The forum included several visual presentations showcasing key projects of the Saudi Vision 2030, the land bridge project in Thailand, and the role of relevant institutions from both countries in enabling the private sector to access investment opportunities - SPA
The forum included several visual presentations showcasing key projects of the Saudi Vision 2030, the land bridge project in Thailand, and the role of relevant institutions from both countries in enabling the private sector to access investment opportunities - SPA
TT
TT

Saudi-Thai Investment Forum Reveals Opening of Thailand BOI Office in Riyadh

The forum included several visual presentations showcasing key projects of the Saudi Vision 2030, the land bridge project in Thailand, and the role of relevant institutions from both countries in enabling the private sector to access investment opportunities - SPA
The forum included several visual presentations showcasing key projects of the Saudi Vision 2030, the land bridge project in Thailand, and the role of relevant institutions from both countries in enabling the private sector to access investment opportunities - SPA

The Saudi Ministry of Investment, in collaboration with the Thailand Board of Investment (BOI) and the Embassy of Thailand in Saudi Arabia, organized on Sunday the Saudi-Thai Investment Forum in Riyadh. The event was attended by Minister of Investment Eng. Khalid Al-Falih, Minister of Foreign Affairs of Thailand Maris Sangiampongsa, several officials and CEOs of major companies, and representatives of the private sector from both countries.
In his opening speech, Al-Falih said: "Your visit comes two and a half years after the historic agreement between Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister and former Prime Minister of Thailand Prayuth Chan-ocha, to open a new chapter in our journey. This partnership, which took place here in Riyadh, has contributed to advancing trade relations between the two countries, and we hope to see this repeated through investment as well."
SPA quoted Al-Falih as saying: "Considering the strong relations between our peoples and the robust cooperation, there is nothing to prevent a leap in the Saudi-Thai partnership to reach its full potential. Early figures support this, as we have seen a steady increase in trade since the resumption of relations, reaching $7.5 billion in 2022 and about $9 billion in 2023. In travel and tourism, around 200,000 Saudis travelled to Thailand, and more than 30,000 Thai visitors came to Saudi Arabia last year."
The forum aims to enhance partnership between the two countries, increase investment and trade cooperation, and facilitate access to investment opportunities in all fields for companies and investors in Saudi Arabia and Thailand.
During the forum, the opening of the BOI office in Riyadh was announced to highlight the strategic partnership and enhance economic relations between Saudi Arabia and Thailand and to expand trade exchange. The forum also witnessed the signing of 11 agreements and memoranda of understanding in various fields, including agriculture, food, tourism, infrastructure, and energy, to further boost commercial cooperation and develop trade and investment relations.
The forum included several visual presentations showcasing key projects of the Saudi Vision 2030, the land bridge project in Thailand, and the role of relevant institutions from both countries in enabling the private sector to access investment opportunities and linking quality investment opportunities with Saudi and Thai companies. Also, it aimed to enhance and develop cooperation in all fields and projects.
The forum's activities also included meetings and bilateral discussions among private sector representatives and a review of developments in the investment environment in Saudi Arabia and Thailand.
The manufacturing sector ranked first in terms of the stock of Thai investments in Saudi Arabia for 2022, accounting for 56.7% of the total stock of Thai investments in the Kingdom. Meanwhile, the mining and minerals exploitation sector ranked first in terms of the flow of Thai investments into the Kingdom for 2022, accounting for 73.4% of the total flow of Thai investments into Saudi Arabia.

Most Viewed

 
 
Business

IMF Sees Modest Global Growth Over Next 2 Years

International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings in Washington, US, October 9, 2016. REUTERS/Yuri Gripas
International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings in Washington, US, October 9, 2016. REUTERS/Yuri Gripas
TT
TT

IMF Sees Modest Global Growth Over Next 2 Years

International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings in Washington, US, October 9, 2016. REUTERS/Yuri Gripas
International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings in Washington, US, October 9, 2016. REUTERS/Yuri Gripas

The global economy is set for modest growth over the next two years amid cooling activity in the US, a bottoming-out in Europe and stronger consumption and exports for China, but risks to the path abound, the International Monetary Fund said on Tuesday.

The IMF warned in an update to its World Economic Outlook (WEO) that momentum in the fight against inflation is slowing, which could further delay an easing of interest rates and keep up strong dollar pressure on developing economies.

The IMF kept its 2024 global real gross domestic product growth forecast unchanged from April at 3.2% and raised its 2025 forecast by 0.1 percentage point to 3.3%.

The forecasts fail to shift growth from the lackluster levels that IMF managing director Kristalina Georgieva has warned would lead to “the tepid twenties.”

But the revised outlook reflected some shifting sands among major economies, with the 2024 US growth forecast reduced by 0.1 percentage point to 2.6%, reflecting slower-than-expected first-quarter consumption.

The Fund's 2025 US growth forecast was unchanged at 1.9%, a slowdown driven by a cooling labor market and moderating spending in response to tight monetary policy.

The IMF significantly hiked its China growth forecast to 5.0% - matching the Chinese government's target for the year - from 4.6% in April due to a first-quarter rebound in private consumption and strong exports. The IMF also boosted its 2025 China growth forecast to 4.5% from 4.1% in April.

But China's momentum may be sputtering, as Beijing on Monday reported second-quarter GDP growth of just 4.7%, significantly below forecasts amid weak consumer spending amid a protracted property downturn.

IMF Chief Economist Pierre-Olivier Gourinchas told Reuters in an interview that the new data poses a downside risk to the IMF forecast, as it signals weakness in consumer confidence and continuing problems in the property sector.

To boost domestic consumption, China needs to fully resolve its property crisis, as real estate is the main asset for most Chinese households.

“When you're looking at China, the weaker the domestic demand, the more growth is going to rely potentially on the external sector,” he said, inviting more trade tensions.

On a more positive note, the IMF slightly upgraded its 2024 eurozone growth forecast by 0.1 percentage point to 0.9%, leaving the bloc's 2025 forecast unchanged at 1.5%.

The eurozone has “bottomed out” and saw stronger first-half services growth, while rising real wages will help power consumption next year and easing monetary policy will aid investment, the IMF said.

It cut Japan's 2024 growth forecast to 0.7% from 0.9% in April due in part to supply disruptions from a major auto plant shutdown and weak private investment in the first quarter.

Also, the IMF warned of near-term upside risks to inflation as services prices remain elevated amid wage growth in the labor-intensive sector and said renewed trade and geopolitical tensions could stoke price pressures by increasing the cost of imported goods along the supply chain.

“The risk of elevated inflation has raised the prospects of higher-for-even-longer interest rates, which in turn increases external, fiscal and financial risks,” the IMF said in the report.

Gourinchas said that despite a fall in US consumer prices last month, the Federal Reserve can afford to wait a bit longer to begin cutting rates to avoid any inflationary surprises.

The IMF also warned of potential swings in economic policy as a result of many elections this year that could have negative spillovers to the rest of the world.

“These potential shifts entail fiscal profligacy risks that will worsen debt dynamics, adversely affecting long-term yields and ratcheting up protectionism,” the Fund said.

The Fund did not name US Republican Party candidate Donald Trump, who has proposed to impose a 10% tariff on all US imports, nor Democratic President Joe Biden, who has sharply hiked tariffs on Chinese electric vehicles, batteries, solar panels and semiconductors.

But it said that higher tariffs and a scaling up of domestic industrial policy could create “damaging cross-border spillovers, as well as trigger retaliation, resulting in a costly race to the bottom.”

Instead, the IMF recommended that policymakers persevere with restoring price stability - easing monetary policy only gradually - replenish fiscal buffers drained during the pandemic and pursue policies that promote trade and increase productivity.